Government says it will settle electricity debt by March 26

posted on: Mar 19 2010 12:23 by Royston. Viewed 476 times.


The Government has set a date for 26 March or early April, to settle the debt of  US$102 million it has with electric generators, which is impeding the renewed agreement with the IMF

Economy Minister Temistocles Montas, said payment to the electricity producers will allow the filing of the letter of intent for new financial commitments with the IMF.

He acknowledged that the Government is obliged to settle the electricity debt, because it is a condition from the IMF to validate the placement of one billion dollars in sovereign bonds, as envisaged in the Budget of 2010 and  ratified by a law recently passed in the Congress.

During a recent television interview, he denied that the economic assistance agreement with the IMF is to be suspended as alleged by  economists in the Dominican Revolutionary Party (PRD).

He said the normal process is for the agreement to be reviewed quarterly and adjustments made taking into account whether the goals have been achieved.
 

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